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a. resource scarcity.
b. lack of alternatives.
c. limited wants.
d. abundance of resources.
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- production possibilities frontier can shift outward if Select one: a. government increases the amount of money in the economy. b. there is a technological improvement. c. the economy abandons inefficient production methods in favour of efficient production methods. d. resources are shifted from the production of one good to the production of the other good.__________ is the value of the next best alternative that is being given up. a. Production cost b. Real cost c. Opportunity cost d. Money costScarcity is a condition that exists when A. there is a fixed supply of resources relative to the demand for the product. B. there is a large demand for the product. C. resources are not able to meet the entire demand for a product. D. All of the above.
- Opportunity cost is best defined as Select one: a. the amount given up when choosing one activity over the next best alternative. b. the amount given up when choosing one activity over all other alternatives. c. the amount that is given up when choosing an activity that is not as good as the next best alternative d. the opportunity to earn a profit that is greater than the one currently being made.If resource prices are fixed and the selling price rises, then a. profits will increase. b. profits will decrease. c. profits will remain constant. d. both profits and output will decreasA point lying inside (under) a production possibilities frontier indicates that _________.A. the economy is saving money.B. There are no associated opportunity costs.C. more output could be produced with existing resources.D. technology limits production.
- match each term with the correct definition ;economics opportunity cost marginal analysis utility a. the next best thing that must be forgone in order to produce one more unit of a given product b. the pleasure happiness or satisfction obtained from consuming a good or service. c the social science concerned with how individuals institutions and society make optimal choices under conditions of scarcity d. making choices based on comparing marginal benefits with marginal cost1. What is the fundamental problem of economics? 2. What does scarcity make us do? 3. Define opportunity cost: 4. Define marginal benefit: 5. Define marginal cost: 6. What is a rational decision? 7. What are the 4 types of productive resources? 8. Give an example of a land resource. 9. Give an example of a labor resource. 10. Give an example of a capital resource. 11. Give an example of an entrepreneurship resource. 12. Define factors of production. 13. How could you increase your human capital? 14. How could better healthcare improve business? Do businesses also face scarcity? True or False 15. Being an entrepreneur always works and involves no risk. True or False 16. Give 2 examples of things that could motivate an entrepreneur to take on risk. 17. Define specialization. 18. What does specialization and division of labor increase? 19. Who is involved in voluntary exchange? 20. Why do people participate in voluntary exchange? 21. What is an incentive? 22. What are the 2 types of…Explain the following concept 1.scarcity 2.choice 3.opportunity cost 4.resource
- Economics is the study of (a) How society manages its unlimited resources. (b) How to reduce our wants until we are satisfied (c) How society manages its scarce resources. (d) How to fully satisfy our unlimited wants.(h) sugar industry is a subject matter of micro economics. Give reason. (i) what do you mean by alternative uses of resources? (k) unemployment in India is a subject matter of microeconomics or macroeconomics, give reason.You bought a laptop at $3000 last year, its resale value now is $2000. It will cost $3500 to buy a new laptop. The opportunity cost of keeping your laptop is: a. $3500 b. $3000 c. $2000 d. $1500